One-quarter of mortgage-holders struggling to make monthly payments

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The Canada Mortgage and Housing Corporation says 24% of mortgage holders are having trouble paying their monthly payments, according to Blacklock’s Reporter.

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And only 55% said they expect their home to grow in value over the next year compared to 84% the previous year.

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“The current economic context and rise of interest rates has had a significant negative impact on many consumers’ financial situation,” said the 2023 Mortgage Consumer Survey.

“A significant proportion of mortgage consumers are struggling to make ends meet and fulfill their debt obligations, especially those under 35. This context is also affecting respondents’ general mood.”

Leger Marketing surveyed 4,014 mortgage holders including first-time borrowers and homeowners who renewed their loans at new rates for CMHC, who didn’t say what the poll cost.

“Perceptions are at their lowest,” wrote the Canada Mortgage and Housing Corporation.

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“This includes confidence in the mortgage purchasing process as well as perceived benefits of home ownership. Respondents also have less confidence in their ability to make future mortgage payments.”

Asked if they agreed, “I am comfortable with my current level of mortgage debt,” 66 said yes compared to 84% last year.

Asked if they were “confident I will be able to make my future mortgage payments,” 78% agreed compared to 90% last year.

CMHC said 49% of mortgage consumers had difficulty maintaining certain debt payments including mortgage payments and 46% of mortgage consumers must adjust their household budget.

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